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V3 Introduces New Miscellaneous Professional Liability ProgramJune 4, 2010
V3 Insurance Partners LLC has introduced “Vantage360 MPL”, its miscellaneous professional liability program. Designed for non-degreed professionals and professional service firms, it includes two revolutionary features: a reputation restoration coverage extension and a consent-to-settle clause with no “hammer” provisions.A managing general underwriting agency, V3 Insurance Partners targets the program at small to medium-sized non-degreed professional services firms with revenues up to $25 million. Covering more than 300 classes, the program includes standard coverages such as full prior acts, defense outside the limits for most classes, as well as coverage extensions for disciplinary proceedings and loss of earnings. The program is available in all 50 states and Washington, D.C., on a non-admitted basis. It is backed by General Star, a Berkshire Hathaway company.
The reputation restoration protection coverage extension covers the fees and expenses of a public relations firm, crisis management consultant or law firm to mitigate adverse publicity and restore an insured company’s reputation. It is included at no additional charge and provides a sub limit of $25,000.
Optional coverage extensions include intellectual property; sexual abuse/molestation, and for privacy, security and technology. The program also provides a deductible credit of up to 75% for claims settled without litigation, arbitration or mediation.